Can You Negotiate Rent? Tips for Lowering Rent

Rent is just one of those things in life. You pay because you have to. But just because you’re under obligation to pay rent doesn’t mean you don’t get to have a say in what exactly the rate will be!

Can You Negotiate Your Rent?

Yes, rent prices are negotiable. You can negotiate your rent before signing a new lease and when it’s time to renew your current lease. In some instances, you can renegotiate your rent before your lease ends.

Why Should You Negotiate Your Rent

If you're thinking, "Why should I even negotiate rent in the first place?" the answer is pretty obvious. You can potentially save a lot of money. In a country full of cost-burden renters, savings can be very beneficial.

However, negotiating rent can go beyond monetary benefits. Let's dig more into what negotiating your rent could mean for you.

Freedom

Even if you’re saving as little as $50-$100 a month, that can payout to a good-sized chunk of $600-$1,200 saved over the course of 12 months. Some people can even save up to $200 a month, $2,400 in an entire year! Talk about (significantly) increased financial freedom!

Better Relationships

Saving on rent not only leaves you more money to spend how you’d wish but can also improve your relationship with your landlord or property manager. If done respectfully and calmly, negotiating your rent can be a great way to remind the landlord that you are a good tenant, and open up a stronger and more open line of communication.

Better Value

If you are concerned that you’re not getting the value for the amount you’re paying, carrying out a negotiation can be a great way to ease your mind by finding out what options are available to you and working out a win-win situation.

When to Negotiate Rent

Regardless of how badly you want to get your rent rate lowered, timing and situation are some of the most important keys in a successful negotiation. If you don't time it right, you won't get it right.

Here are some of the best times to negotiate your rent:

  • At the end of the month when landlords are looking for new tenants or if you're considering a new apartment.
  • A few months before your lease expires, if you're negotiating the rent on your current unit.
  • When you know you can stay longer. Many landlords are willing to negotiate if they know they won't have to look for another tenant in the next 12 months.
  • In the winterSeasonality impacts the rental market. Winter is usually the most difficult time for landlords to find renters, and you'll hold more of the bargaining power.
 Home buyers meet and negotiate with real estate agents about renting or buying a home in the office.

What to Ask for When Negotiating

This seems pretty obvious. Negotiating rent is to get your rate lowered, right?

Well, yes. But it’s important to know that this is not strictly limited to dollars. You can also negotiate for amenities and benefits too!

This will come in handy when you’re negotiating with a large property. They’re typically less likely to negotiate on the rent price and more likely to provide additional benefits.

So what else can you cover and/or include in your rent negotiation besides the price? Here are just a few options:

  • A free parking space.
  • New upgrades to your apartment
  • Free additional storage
  • Waived gym membership fees, if applicable.

Can I prepay a few months in advance?

Paying rent in advance can be a great way to lock in a low rent rate, especially if you intend to sign a long-term lease.

A large sum of money upfront can be a powerful motivator for the right landlord. Moreover, paying for rent in advance can serve as proof of your ability to afford rent in the long run.

That said, whether you can pay rent in advance depends on your state's laws and whether your landlord will accept said rent payment.

Some state laws restrict the amount of rent that landlords can accept in advance.

Additionally, the legal division between prepaid rent and a security deposit can be difficult to discern, so you'll have to check your state's laws prior to attempting this negotiation tactic.

In some cases, landlords may be wary of accepting prepaid rent upfront. Here are some reasons that a landlord may not be willing to accept rent payment upfront:

  • Accepting advance rent payments may limit a landlord's ability to raise rent rates during your agreed-upon leasing period.
  • If a tenant violates the lease agreement, a landlord may be required to refund the remaining rent before pursuing eviction.
  • Accepting rent in advance can mean additional responsibilities on the landlord's end including the management of escrow accounts.

In short, offering to pay rent in advance can be a great way to negotiate rent — in the right circumstances.

However, it should be used only as a Hail Mary, as there are much more effective ways to negotiate the rent.

Doing the rental business is not an easy job. Before you choose to invest your money in the rental business, first find the best location to do that. We recommend the Balkans countries, especially the capital city of N. Macedonia, Skopje. Visit the link below and find out how to invest your money in the rental business in Skopje.

https://stanovi-skopje.mk/

Source: https://www.apartmentlist.com/